Sun Communities (SUI)
NYSE:SUI
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Sun Communities
(NYSE:SUI)
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Rating:67Neutral
Price Target:
$139.00
â–²(6.54% Upside)
Action:Downgraded
Date:04/29/26
The score is driven primarily by improved profitability and a stronger leverage profile, supported by constructive earnings-call commentary (execution, balance sheet improvement, and capital returns). These positives are balanced by weaker cash flow conversion and business volatility, with technical signals currently neutral-to-soft and valuation helped by the high dividend yield but moderated by a higher P/E.
Positive Factors
Balance-sheet strength and liquidity
Sun materially lowered leverage and holds sizeable liquidity, improving financial flexibility. Lower net leverage and an undrawn multi-year facility reduce refinancing risk and support disciplined capital allocation (acquisitions, buybacks, dividends) through cycles, strengthening long-term resilience.
Negative Factors
Weak cash-flow conversion versus accounting earnings
Operating cash covers a modest share of reported net income, indicating earnings include non-cash items or timing gaps. This weak cash conversion limits free cash for reinvestment and heightens sensitivity to capital-market access, reducing predictability of dividends and buybacks over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength and liquidity
Sun materially lowered leverage and holds sizeable liquidity, improving financial flexibility. Lower net leverage and an undrawn multi-year facility reduce refinancing risk and support disciplined capital allocation (acquisitions, buybacks, dividends) through cycles, strengthening long-term resilience.
Read all positive factors
Sun Communities (SUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.39B
Dividend Yield6.34%
Average Volume (3M)739.18K
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth-22.34%
EPS Growth1635.86%
CountryUS
Employees6,491
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)11.01
Shares Outstanding123,230,760
10 Day Avg. Volume641,393
30 Day Avg. Volume739,179
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.19
Price to Sales (P/S)6.71
P/FCF Ratio17.91
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue8.23
Enterprise Value/Gross Profit16.08
Enterprise Value/Ebitda27.25
Forecast
1Y Price Target
$141.86Price Target Upside8.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.6
Revenue Forecast (FY)$2.35B
Sun Communities Business Overview & Revenue Model
Company Description
Sun Communities, Inc. is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces...
How the Company Makes Money
Sun Communities makes money primarily through recurring real estate revenues from its MH and RV communities and its marina portfolio. In MH communities, the core revenue stream is long-term site rent paid by residents who typically own their manuf...
Sun Communities Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, beat-to-guidance results, meaningful balance sheet improvement, sizable capital returns, and continued strategic investments in technology and operations. These positives are tempered by near-term challenges in the RV transient business, UK expense/macro pressures (including minimum wage impacts), and conservative 2026 guidance that excludes incremental acquisitions or buybacks. Overall, management presents a constructive, disciplined growth strategy with clear remediation plans for underperforming areas.Positive Updates
FFO Per Share Beats Guidance
Core FFO per share was $1.40 for Q4 (beat the high end of guidance by $0.10) and $6.68 for full-year 2025 (beat the high end by $0.01). 2026 full-year core FFO per share guidance midpoint is $6.93 (range $6.83–$7.03) with Q1 2026 guided to $1.28.
Negative Updates
RV Segment Pressure and Full-Year Decline
RV same-property NOI declined 1.4% for the full year 2025 (within guidance). Transient RV revenue fell ~9% in 2025 year-over-year, and 2026 guidance assumes a ~1.5% decline in transient revenue at the midpoint. 2026 RV same-property NOI growth is modestly guided to ~0.9% (midpoint).
Read all updates
Q4-2025 Updates
Positive
Negative
FFO Per Share Beats Guidance
Core FFO per share was $1.40 for Q4 (beat the high end of guidance by $0.10) and $6.68 for full-year 2025 (beat the high end by $0.01). 2026 full-year core FFO per share guidance midpoint is $6.93 (range $6.83–$7.03) with Q1 2026 guided to $1.28.
Read all positive updates
Company Guidance
Management guided full-year 2026 core FFO per share to a $6.93 midpoint (range $6.83–$7.03) and Q1 2026 to $1.28 at the midpoint; they forecast North American same‑property NOI growth of ~4.5% (manufactured housing +5.9%, RV +0.9%) and UK same‑property NOI of ~2.2%, with FFO from UK home sales ~ $50M at the midpoint. Key operating assumptions include ~5% MH rent growth, MH occupancy gains of ~500–600 sites (MH occupancy ~98.1%), ~4% annual RV rent growth, ~600 transient-to-annual RV conversions, and transient RV revenue down ~1.5% at the midpoint (improving from a 9% decline in 2025). Guidance reflects completed acquisitions/dispositions and capital markets activity through Feb. 24, does not assume future acquisitions or share repurchases, and sits alongside a strong balance sheet (year‑end cash ~$636M, net debt/EBITDA 3.4x; long‑term leverage target 3.5x–4.5x).Sun Communities Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.32B | 2.31B | 3.20B | 3.18B | 2.93B | 2.26B |
| Gross Profit | 1.19B | 213.50M | 1.50B | 1.49B | 1.42B | 1.15B |
| EBITDA | 700.90M | 683.80M | 1.10B | 771.60M | 1.11B | 1.10B |
| Net Income | 1.40B | 1.37B | 89.00M | -213.30M | 242.00M | 380.20M |
Balance Sheet | ||||||
| Total Assets | 12.36B | 12.52B | 16.55B | 16.94B | 17.08B | 13.49B |
| Cash, Cash Equivalents and Short-Term Investments | 636.10M | 636.10M | 47.40M | 29.20M | 200.10M | 252.70M |
| Total Debt | 4.22B | 1.83B | 7.35B | 7.78B | 7.13B | 5.60B |
| Total Liabilities | 5.41B | 5.33B | 9.36B | 9.77B | 9.20B | 6.76B |
| Stockholders Equity | 6.84B | 7.07B | 7.08B | 7.08B | 7.81B | 6.62B |
Cash Flow | ||||||
| Free Cash Flow | 884.10M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Operating Cash Flow | 884.10M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Investing Cash Flow | 4.82B | 4.93B | -295.20M | -935.00M | -3.08B | -2.35B |
| Financing Cash Flow | -5.32B | -5.22B | -571.60M | 78.40M | 2.35B | 1.57B |
Sun Communities Technical Analysis
Positive
130.47
Price Trends
129.94
Positive
126.86
Positive
124.99
Positive
Market Momentum
-0.17
Negative
55.08
Neutral
63.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUI, the sentiment is Positive. The current price of 130.47 is above the 20-day moving average (MA) of 127.92, above the 50-day MA of 129.94, and above the 200-day MA of 124.99, indicating a bullish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 55.08 is Neutral, neither overbought nor oversold. The STOCH value of 63.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SUI.
Sun Communities Risk Analysis
Sun Communities disclosed 41 risk factors in its most recent earnings report. Sun Communities reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sun Communities Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $11.49B | 19.37 | 6.65% | 3.81% | 5.40% | 14.43% | |
71 Outperform | $17.85B | 36.72 | 10.35% | 3.98% | 5.27% | -14.94% | |
67 Neutral | $15.39B | -643.45 | 19.80% | 6.34% | -22.34% | 1635.86% | |
66 Neutral | $12.71B | 28.01 | 22.01% | 3.29% | 0.46% | 2.94% | |
66 Neutral | $15.42B | 28.59 | 6.78% | 4.42% | 0.77% | -31.36% | |
66 Neutral | $14.23B | 60.29 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
SUI
Sun Communities
121.87
4.66
3.98%
ELS
Equity Lifestyle
61.96
0.27
0.44%
MAA
Mid-America Apartment
127.23
-26.60
-17.29%
ESS
Essex Property
268.53
-5.89
-2.14%
CPT
Camden Property
103.99
-9.36
-8.26%
AMH
American Homes
31.36
-5.49
-14.90%
Sun Communities Corporate Events
Business Operations and StrategyExecutive/Board Changes
Sun Communities Names John McLaren Chief Operating Officer
Positive
Mar 9, 2026
On March 9, 2026, Sun Communities, Inc. appointed its current president, John B. McLaren, as chief operating officer, expanding his remit to direct oversight of the operations team and marking a return to a role he previously held from 2008 to 202...
Business Operations and StrategyFinancial Disclosures
Sun Communities Issues 2026 Outlook and Risk Update
Neutral
Feb 25, 2026
Sun Communities, Inc., a real estate investment trust listed on the NYSE under the ticker SUI, is a leading owner and operator of manufactured housing and recreational vehicle communities, as well as UK holiday parks. As of December 31, 2025, the ...
Business Operations and StrategyExecutive/Board Changes
Sun Communities Names Interim CFO Amid Leadership Transition
Neutral
Feb 10, 2026
On February 4, 2026, Sun Communities appointed former long-time finance executive Fernando Castro-Caratini as interim Chief Financial Officer, Executive Vice President, Secretary and Treasurer, while launching a broad search for a permanent CFO. C...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.